My company in Guntur has not filed its annual return for the last two years; what penalties apply and how can I regularise the filing?

Detailed Legal Analysis

If your company in Guntur has not filed its annual return for the last two years, it is subject to penalties under the Companies Act, 2013, and you can regularise the filing by following specific procedures.

According to Section 92 of the Companies Act, 2013, every company is required to file its annual return with the Registrar of Companies (RoC) within 60 days from the date of the Annual General Meeting (AGM). Failure to do so incurs penalties as follows:

• For companies, a fine ranging from ₹50,000 to ₹5,00,000 may be imposed.
• Every officer of the company who is in default may be liable for a fine that may extend to ₹1,00,000, along with additional penalties for continued default.

To regularise the filing of the annual returns, follow these steps:

• Gather Required Documents: Collect necessary financial statements, the minutes of the AGM, and details of shareholders and directors.
• Prepare the Annual Return: Draft the annual return in accordance with Form MGT-7 as prescribed under the Companies (Management and Administration) Rules, 2014.
• File with the Registrar: Submit the annual return along with any overdue financial statements (Form AOC-4) using the Ministry of Corporate Affairs (MCA) portal.
• Pay Late Fees: Calculate and pay any applicable late fees for the overdue filings, which are prescribed under the Companies (Registration Offices and Fees) Rules, 2014. Typically, this is ₹100 per day for each day of delay, subject to a maximum limit.
• Seek Condonation of Delay (if necessary): If the delay exceeds the prescribed limits, apply for condonation of delay under Section 460 of the Companies Act, 2013 through a special resolution in the next AGM.
• Maintain Compliance: Once regularised, ensure future compliance by timely filing of annual returns within the stipulated deadlines.

In addition to the above, consider consulting with a company secretary or legal expert to navigate the complexities involved and to ensure adherence to all regulatory requirements.